Guideline Value for GANGAI NAGAR RAJIV GANDHI STREET

Gangai Nagar Rajiv Gandhi Street guideline value

The current guideline value of Gangai Nagar Rajiv Gandhi Street is Rs 2,500 per sq.ft, effective from 1 July 2024. This street is located in Korattur village, under the Villivakkam Sub Registrar Office (SRO). The land classification for this area is Residential Class II Type - III.

How the guideline value of Gangai Nagar Rajiv Gandhi Street has changed

Over the years, the guideline value of Gangai Nagar Rajiv Gandhi Street has seen several revisions. The 2012 revision set the value at Rs 2,300 per sq.ft, which decreased to Rs 1,541 per sq.ft in the 2017 revision. Following this, the value rose significantly to Rs 2,300 per sq.ft in 2023, and then to Rs 2,500 per sq.ft in 2024, marking a 9% increase from the previous year.

From the 2017 revision to the 2023 revision, there was a notable increase of 49%. Overall, comparing the 2012 revision to the 2024 revision, the guideline value has increased by 9%. The register has no figures for the years 2002, 2003, and 2007 for this street.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value is Rs 2,500 per sq.ft, which is equal to the current value of Gangai Nagar Rajiv Gandhi Street.

• Gangai Nagar Rajaji Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Saibaba Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Pilliyar Koil 2nd Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Sanjaigandhi Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Pilliyar Koil 1st Street: Rs 2,500 per sq.ft (2024)
• Gangai Nagar Saraswathy Street: Rs 2,500 per sq.ft (2024)

Stamp duty and registration fee for property in Gangai Nagar Rajiv Gandhi Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,500 per sq.ft, the total guideline value would be Rs 25,00,000. The stamp duty at 7% would amount to Rs 1,75,000, and the registration fee at 2% would be Rs 50,000, totaling Rs 2,25,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For further calculations, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Gangai Nagar Rajiv Gandhi Street?

The Gangai Nagar Rajiv Gandhi Street falls under the jurisdiction of the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more details.

How the guideline value is used when you buy or sell in Korattur

The guideline value is a critical factor in property transactions in Korattur. It determines the minimum price at which a property can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees during the transfer of property ownership.

When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees. It is essential for buyers and sellers to be aware of the current guideline value to ensure compliance with legal requirements during the transaction process.

Frequently asked questions

What is the current guideline value of Gangai Nagar Rajiv Gandhi Street?

The current guideline value of Gangai Nagar Rajiv Gandhi Street is Rs 2,500 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 2,300 per sq.ft in 2023 to Rs 2,500 per sq.ft in 2024, reflecting a 9% increase. The value was Rs 1,541 per sq.ft in 2017 and Rs 2,300 per sq.ft in 2012.

What is the land classification for Gangai Nagar Rajiv Gandhi Street?

The land classification for Gangai Nagar Rajiv Gandhi Street is Residential Class II Type - III.

Where can I find the registration office for Gangai Nagar Rajiv Gandhi Street?

The registration office for Gangai Nagar Rajiv Gandhi Street is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037.

How is stamp duty calculated for properties in Gangai Nagar Rajiv Gandhi Street?

Stamp duty is calculated based on the guideline value or the sale price, whichever is higher. For example, for a 1,000 sq.ft property at the current guideline value, the total guideline value would be Rs 25,00,000, with the stamp duty at 7% amounting to Rs 1,75,000.